RiskBrexitBrexit uncertainty hits UK gig economy, says IPSE survey

Brexit uncertainty hits UK gig economy, says IPSE survey

The UK’s 1.91m freelancers say Brexit lowered their business performance in Q3 2016 and 51% expect it to harm their business in the next 12 months.

A quarterly survey by the Association of Independent Professionals and the Self-Employed (IPSE) has revealed that four in 10 (42%) of UK freelancers say that Britain’s vote to leave the European Union (Brexit) has already lowered their business performance in the third quarter of 2016. More than half (51%) expect it to do so next year.

The online questionnaire was conducted by IPSE and Upwork, a freelancing website, in September with 936 freelancers responding.

Freelancers, an increasingly large and important part of the UK workforce, are also concerned with the direction of the UK economy overall. Six in 10 (59%) report a negative outlook for the UK over the next 12 months, while 39% are specifically worried about their business performance.

However, a third (33%) of freelancers expressed confidence in their business performance for the next 12 months, compared to just 15% who were positive when last surveyed in Q2. This suggests that some of the gloom caused by Brexit may be dissipating.

Professor Andrew Burke, dean of Trinity Business School at Trinity College Dublin, in Ireland, produced a report on the findings that isn’t too optimistic, however, and commented that: “The negative impact of the outcome of the Brexit referendum has caused a massive decline in the performance and confidence in the freelance sector. The [previous] upward trend has been reversed.”

Chris Bryce, the IPSE chief executive’s take on the findings was sunnier. “Brexit gave freelancers pause for thought, but confidence may be beginning to return in their business outlook,” he said. “We want a post-Brexit Britain in which freelancers can thrive in. The imminent UK Chancellor’s Autumn Statement will be critical in returning confidence to the sector and we hope to see the government announce measures to support independent professionals.”

Related Articles

80% of businesses expect difficulties in European trading post-Brexit

Brexit 80% of businesses expect difficulties in European trading post-Brexit

3w Laura Noble
The UK’s alternative finance industry remains bullish despite the spectre of Brexit

Brexit The UK’s alternative finance industry remains bullish despite the spectre of Brexit

1m Ricardo Fernandez
Brexit Countdown: how are businesses dealing with the challenges so far?

Brexit Brexit Countdown: how are businesses dealing with the challenges so far?

2m David Prendeville
How Brexit will shape the payments landscape

Brexit How Brexit will shape the payments landscape

3m David Beach
Global outlook for 2018: 'uncertain times and more to come'

Brexit Global outlook for 2018: 'uncertain times and more to come'

6m Michael Gowland
Sibos 2017 day two highlights: Brexit and banking, and why 'data is the new oil' in financial services

Big Data Sibos 2017 day two highlights: Brexit and banking, and why 'data is the new oil' in financial services

8m Alara Basul
This week in treasury: Top 10 headlines you should know about

Brexit This week in treasury: Top 10 headlines you should know about

8m Victoria Beckett
EuroFinance day 2: AI and robotics, low interest rates and blockchain

Automation EuroFinance day 2: AI and robotics, low interest rates and blockchain

8m Victoria Beckett